Nationwide is not on your side, fortunately there are many companies that are more than willing to stand by you.
Nationwide and several other Large Insurance Companies are canceling Coastal homeowners insurance policies for homeowners within 2500ft of the shore. This has turned into a boom for smaller companies willing to stand by their customers.
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Galveston County Crystal Beach - On January 7th 2008 Charlotte Edmonston, Managing Director of Gallagher Insurance will be giving a presentation on their program for complete coastal insurance coverage, even in non-FEMA designated areas.
Contact the Bolivar Peninsula Chamber of Commerce for details:
info@bolivarchamber.org
Newer home designs featuring hurricane resistant construction and much tougher building codes are making coastal insurance less of a risk. Many of the older homes that have caused the larger companies to abandon their customers have already been upgraded or replaced during the major storms over the past several years.Smaller and more local oriented companies have been quick to recognize this trend and are cashing in on the now gun-shy companies like nationwide. These more nimble companies backed by powerhouses such as LLoyds of London have created special funds to cover areas on the Texas Gulf Coast, even those areas that are outside the FEMA coverage zones.
The cost of living along the coast is getting expensive if you don’t know where to look for homeowners insurance. Also make sure your home is upgraded or new home is built to the new standards that eliminate much of the risk. Build them taller and stronger sums up the new government building codes and insurance backed guidelines of the
I.B.H.S.The Texas Department of Insurance said big-name insurers like Nationwide are retreating from the coast after several years of costly hurricanes. TDI said more than half of the largest insurance companies no longer write new business in Texas’ coastal counties. Plus, a third of them are no longer renewing policies here either.
Nationwide said it decided to cancel 870 policies on the Texas Gulf
Coast this past January. Of them, 579 are in Galveston County. Nationwide said it made the difficult decision so it could responsibly manage its coastal exposure and other customers. Nationwide said it is also helping customers find new policies as well.
But as big companies withdraw smaller ones like Comiskey Capital Insurance Agency on Tiki Island are booming. Lizabeth Comiskey said her business has spiked 60 percent over the last year. “We’re doing well,” Comiskey said. “It’s good because we’re independent. We’re not just stuck with one rate. We can go out there and shop and try to find the best rate for you.”